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Our Benefits

Our Benefits

You’ll love the Richmond Fed’s “Total Rewards” approach to compensation and benefits! We enjoy a wide range of offerings, all of which come together to enhance our work and life experiences. The overview below is just a sample to help you paint a picture of life at the Richmond Fed. We’re happy to share more information as you move through the application process.

Compensation

Competitive Pay and Incentives

We offer competitive base pay, but that’s not all. As a Richmond Fed employee, you may also be eligible for additional forms of compensation for a job well done. These can include annual merit-based increases, incentive payments and cash awards.

Rewards and Recognition

We enjoy special employee appreciation and fun events throughout the year, as well as recognizing your milestone service anniversaries with gifts and more paid time off!

Health & Wellness

Medical, Dental, Vision and Prescription Drug Plans

Our health and wellness benefits are some of the best around. Just ask any Richmond Fed employee! You can choose from several medical, dental and vision plans to identify the one that best meets your needs, and you’ll pay reasonable premiums. We also offer a comprehensive prescription drug plan designed to provide the best value at affordable prices.

Health and Wellness Services

Our Wellness Incentive Program rewards us with extra time off—just for engaging in healthy behaviors and activities. We also have access to onsite medical clinics, annual flu shots, a variety of wellness classes and workshops, an employee assistance program, and stress management resources.

Fitness Center

At our primary locations, we have our own Fitness Center that’s open 24/7. It offers a wide variety of services, including classes, exercise equipment, fitness counseling and locker and shower facilities.

Life, Legal and Other Insurance

The Richmond Fed provides a life insurance benefit to all employees at no cost. We also have the option of purchasing other types of insurance, including: group legal, group universal life, and personal and business travel and personal accident. We even offer insurance for pets! The Fed also provides free identity theft protection for us and our dependents.

Savings & Retirement

Retirement Savings and Pension Plans

If you’re working to help protect the strength and stability of our economy, we want you to feel confident about your financial future as well. The Richmond Fed offers a thrift [401(k)] plan with an automatic one percent employer contribution—and up to six percent employer match. And, that’s not all. We’re automatically enrolled in the Fed’s employee pension plan, which can provide an additional monthly retirement pension for life or a portable lump sum benefit, once we are vested (after five years as an employee).

Flexible Spending

Another way to maximize our take home pay is though flexible spending accounts. These accounts help us manage our health care and dependent care expenses on a pre-tax basis—which means more cash in hand at year end.

Financial Planning

Looking for financial guidance? We also have access to free financial planning resources, including trained specialists who can help us plan for longer-term goals, such as saving for a house, college or retirement.

Time Away from Work

Paid Time Off

We all have a life outside of work—and the Richmond Fed recognizes that! In addition to 10 paid holidays, we are encouraged to use our generous paid time off to relax and recharge, as well as for handling life’s business. This benefit increases over time, based on our years of service.

Family and Other Leave

Major life events can be exciting, and sometimes even scary. We want to make these times easier on you. For example, we provide up to 40 hours of family leave each year to care for immediate family members with serious health conditions. New parents get up to four weeks’ leave to care for a newborn or newly placed adopted or foster child. Our military leave helps ensure a steady income while you’re called to serve. In addition, the Richmond Fed offers short-term disability leave and coverage for employees who are medically disabled, such as from pregnancy or childbirth.

Volunteer Leave

Making a difference in our communities is fundamental to who we are. In addition to regular volunteer opportunities that support our Bank’s mission, the Richmond Fed also gives each of us 16 hours per year of paid community service leave to volunteer with the organizations and causes most important to us.

Work/Life Benefits

Making the Work Day Better

When our personal needs are met, we’re all happier—and better positioned to do our best work. At our Richmond home base, we enjoy many convenient amenities, including a full-service cafeteria and dining room, coffee shop with a panoramic view of the James River, health clinic with medical staff, fitness center and hair salon. Similar offerings are available at our Baltimore and Charlotte locations.

Business Casual Attire

You might think that working for an organization with Bank in its name means wearing a suit every day. We’re happy to say: think again! We each dress for our own work day. That may mean wearing business attire to host customers, business casual for a meeting, or even jeans some days.

Professional and Personal Development

Creating an environment where you can learn and grow is a critical part of our employee experience. The Richmond Fed provides a wide array of development opportunities through on-the-job, classroom and online experiences. Our online Learning & Development Center is our gateway to a variety of in-person and online learning opportunities, as well as resources such as videos, articles, white papers, webinars and more.

Education Assistance

And the Richmond Fed supports learning outside of work hours, too. We can tap into a generous education assistance program with tuition reimbursement for undergraduate, graduate and certification programs that help enhance our skills and knowledge.

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